Risk disclosures on the second tier markets of the London Stock Exchange

Paula Hill and Helen Short

Accounting and Finance, 2009, vol. 49, issue 4, 753-780

Abstract: The identification, management and disclosure of risks have been the subject of recent legislation, directives and reporting standards issued across a number of international jurisdictions. To inform the disclosure debate, this paper provides a detailed analysis of the risk warning disclosures of initial public offering (IPO) companies and the factors that drive such disclosures. We find that risk disclosures of IPO companies contain a greater proportion of forward‐looking information but a lower proportion of information on internal controls and risk management than the disclosures of listed companies. We find evidence that such disclosure has increased across time but that larger directors’ shareholdings are associated with a reduction in risk disclosure.

Date: 2009
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https://doi.org/10.1111/j.1467-629X.2009.00308.x

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Persistent link: https://EconPapers.repec.org/RePEc:bla:acctfi:v:49:y:2009:i:4:p:753-780

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